AUD/USD Potential Downward Movement

AUD/USD Long-Term Trend: Bearish

Key Resistance Levels: 0.6802, 0.6850, 0.6901

Key Support Levels: 0.6702, 0.6634, 0.6594

Daily Chart:

The price on the higher time frame has been in a downtrend for some time and recently it did a pullback. The pair faced rejection at the 0.7027 level and reversed from there. It has now broken a level of 0.6858 and sustained below that which indicates a bearish bias.

AUD/USD Medium-Term Trend: Bearish

1-Hour Chart:

On the lower time frame, the pair is moving in the major trend’s direction. The price has recently been consolidating for some time between a range of 0.6850 and 0.6901 and now it has broken the lower range. It has also broken and retested a minor level of 0.6802 before continuing the momentum.

Signal Idea:

Sell Limit Order @ 0.6768

TP 1 @ 0.6715

TP 2 @ 0.6609

Stop Loss @ 0.6821

Trade Safely 🙂